% created using textab on Wed Mar 11 21:08:04 2026
\begin{tabular}{rccccc}
\toprule 
\midrule 
 & (1) & (2) & (3) & (4) & (5) \\[3pt]
 & Profits, & Profits, & Value & Owner &  \\
 & pct. change & level & added & salaries & Employees \\
\midrule 
\emph{Panel A: 2.5\% trimming} &  &  &  &  &  \\
$t = -1$ & -0.020 & -1,562 & 1,425** & -2,444 & 0.051 \\
 & (0.022) & (1,726) & (618) & (2,606) & (0.056) \\[3pt]
$t = 0$ & -0.101*** & -7,805*** & -6,414*** & -12,006*** & 0.107 \\
 & (0.026) & (2,107) & (787) & (4,054) & (0.086) \\[3pt]
$t > 0$ avg. & -0.213*** & -17,521*** & -6,240*** & -31,475*** & -0.075 \\
 & (0.034) & (3,434) & (1,414) & (7,480) & (0.172) \\
 \cmidrule(lr){2-6} 
Dep. var. mean & 1.000 & 74,503 & 39,885 & 170,164 & 2.955 \\
$N$ owners & 45,804 & 45,804 & 45,809 & 45,774 & 45,882 \\
\midrule 
\emph{Panel B: 5\% trimming} &  &  &  &  &  \\
$t = -1$ & 0.000 & 27 & 1,571** & 802 & 0.014 \\
 & (0.021) & (1,434) & (614) & (2,201) & (0.058) \\[3pt]
$t = 0$ & -0.097*** & -6,769*** & -6,282*** & -7,947** & 0.051 \\
 & (0.023) & (1,676) & (750) & (3,138) & (0.080) \\[3pt]
$t > 0$ avg. & -0.185*** & -13,047*** & -5,359*** & -23,246*** & -0.228 \\
 & (0.034) & (2,824) & (1,306) & (6,051) & (0.154) \\
 \cmidrule(lr){2-6} 
Dep. var. mean & 1.000 & 68,810 & 37,426 & 160,058 & 2.770 \\
$N$ owners & 45,486 & 45,486 & 45,660 & 45,410 & 45,837 \\
\midrule 
\bottomrule 
\end{tabular}
